Senseonics Holdings, Inc. (NYSE:SENS) Q2 2019 Earnings Conference Call Transcript

Aug 07, 2019 • 04:30 pm ET

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Senseonics Holdings, Inc. (NYSE:SENS) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to Senseonics 2nd quarter 2019 earnings call. [Operator Instructions]

I would now like to turn the conference over to Philip Taylor. Please go ahead.

Executive
Phillip Taylor

Thank you very much, and welcome to the Senseonics Second Quarter 2019 Earnings Call. This is Philip Taylor from the Gilmartin Group. Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, company performance and other matters and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. A list of these factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under Risk Factors and elsewhere in our annual report on Form 10-K and our other reports filed with the SEC.

These documents are available in the Investor Relations section of our website, at www.senseonics.com. We undertake no obligation to update publicly or revise these forward-looking statements for any reasons, except as required by law. Also on this call, we will be discussing our full year 2019 revenue guidance, which was also included in the press release. In light of Regulation FD, we advise you that it is Senseonics' policy not to comment on our financial guidance other than in public communications. Joining me from Senseonics' are Tim Goodnow, President and Chief Executive Officer; and Jon Isaacson, Chief Financial Officer. With that, I would like to turn the call over to Tim Goodnow, President and CEO. Tim?

Executive
Tim Goodnow

Thank you, Trip and thank you all for joining us. On the call today, I'll provide updates on our productive Q2 and on progress with commercial, regulatory, and product pipeline development initiatives. And Jon will provide details on the second quarter 2019 financials and the outlook for the year. Again, I would like to touch on the financing transactions that we completed just a few weeks ago, which generated roughly $100 million in gross proceeds, meaningfully strengthening our balance sheet. We are focusing on the execution of our commercial launch and pipeline development to drive sustainable sales growth, which we expect when coupled with efficiencies in scale and cost of goods improvements plans, will drive margin expansion and progress on our path towards profitability. We believe we now have the capital structure in place to achieve our strategic and operational initiatives.

Now, turning to our quarterly performance. As we pre-announced in the second quarter, we generated total revenue of $4.6 million, including $1.1 million of net revenue in the U.S. following the launch of our Bridge program and $3.5 million in revenue outside of the U.S. We are reiterating our full year expectation for 2019 revenue to be in the range of $25 million to $30 million. We achieved a significant milestone in the quarter with the receipt of the non-adjunctive indication or dosing claim approval from the FDA for our Eversense system.